Electrical Transformer Market Size, Share & Industry Analysis, By Voltage(Low (5 MVA to 100 MVA), Medium (100 MVA to 500 MVA), High (500 and above)), By Application (Residential & Commercial, Utility, Industrial) And Regional Forecast, 2024-2032

A electricity transformer is a transformer that receives low voltage generator electric power and transmits it across distribution channels in the power grid network. It's an important aspect of the power grid since it allows power to be sent from one network to another without changing frequency. Low-voltage electricity generation is cost-effective, yet it results in high line current. Line losses increase when high current is sent. However, increasing the voltage of the incoming electricity allows for more efficient power transmission. As a result, a electrical transformer is primarily employed to increase the voltage and plays a crucial role in electricity transmission. These transformers are designed to run at full load and have the highest efficiency. Transmission voltage has increased as a result of decades of research in transmission networks. Electrical transformers allow low-voltage to high-voltage power to be transmitted.

Electrical transformers are essential components that connect producing stations to transmission lines. The worldwide electrical transformer market is expected to be driven by an increase in the use of renewable and non-conventional energy resources throughout the projected period. Electrical transformers are an important component of a power grid. As individuals become increasingly conscious of CO2 emissions, smart grid usage is expected to grow. Smart grids provide remote monitoring of grid instruments as well as rapid reaction to fluctuating power demand. Smart electrical transformers are becoming more popular as a result of their advantages.

The worldwide electrical transformer market is driven by a number of factors. Apart from rising electricity consumption, other factors driving the global electrical transformer market growth include an increased focus on renewable electric power generation, the deployment of smart grids and smart transformers, and the replacement of old old electrical transformers. Countries are investing in expanding their power infrastructure and addressing the growing demand for energy since the power industry is a crucial indication of economic growth. It provides an optimum power supply, responds fast to voltage variations, provides effective cooling, and is energy efficient, lowering CO2 emissions.

Government restrictions governing carbon emissions are predicted to remain rigorous during the analysis period, supporting the global electrical transformer market's growth. The usage of high voltage transmission technologies such as HVAC, UHV, and HVDC electrical transformers is increasing as demand for electricity rises and renewable energy sources develop. Many countries, including China, are currently utilizing ultra-high-voltage transmission technologies.

COVID-19 has a minor impact on the industry, owing to rising electricity demand in the industrial and healthcare sectors. However, a global shortage of raw materials could put the commercial situation in jeopardy. Furthermore, further progress in the construction of T&D infrastructure will move the industry landscape forward.

Key Players Covered:  

Major players in the electrical transformer industry include ABB Ltd, Bharat Heavy Electricals Ltd., CG Power and Industrial Solutions Ltd., EMCO Ltd., General Electric Company, Hitachi Ltd., Kirloskar Electric Co. Ltd., Schneider Electric SE, Siemens AG, TBEA Co. Ltd., and Toshiba Corporation.

Regional Analysis:

North America expected to exhibit substantial growth in electrical transformer market. Due to the The electrical transformer market share in this region will benefit from government efforts to expand existing power infrastructure and capacity in order to meet increased electricity demand. Rising electrification rates and more government backing for the building of new transmission lines are helping the business picture. Rapid industrialisation & urbanization, as well as an increasing emphasis on renewable-powered electric infrastructure, is also moving the market situation forward. Futhermore, the development of commercial institutions such as hotels, malls, resorts, schools, and universities is also contributing towards market growth. Additionally,  the industry's potential will be accelerated by regulatory focus on smart grid integration and favourable customer attitudes toward sustainable electrical components.

Europe is anticipated to witness major growth in electrical transformer industry during the forecast period. Increased upgradation of power and distribution infrastructure, replacement of aged equipment, and increased expansion in heavy industries and renewable energy are all factors contributing to the transformer market's growth. Grid expansion and the transformers market are likely to be fueled by large power plant capacity increases, economic growth, and the need to increase electricity access, particularly in Europe's nations.

Furthermore, Asia Pacific region is anticipated to exprience profitable market throughout the forecast period. Owing to the constant and continued penetration of renewable energy sources, as well as an increasing focus on modernizing existing electrical infrastructure. Furthermore, market dynamics is fueled by recent advancements in asset health monitoring systems to assure system dependability & security, as well as rising investments in long-distance along with T&D network growth. Grid modernisation will be boosted even more by a strong regulatory framework in line with capital allocation, endowments, & state-owned utilities supplying the support mechanisms.

The Middle East region is expected to witness strong boost in electrical transformer market. The industry scenario is expected to be complemented by rising electricity demand and the rehabilitation of existing electrical power infrastructure. The industry statistics is going to be boosted by altering power consumption trends in households and businesses. The industrial outlook is being boosted by investments in the deployment of high-capacity alternative energy sources in various countries, notably Saudi Arabia and the United Arab Emirates.

Segmentation

Key Industry Developments

• In June 2021 - Hitachi ABB Power Grids launches new transformers for floating offshore wind power.


• In March 2021- Siemens Limited has commissioned India’s first high-voltage direct current (HVDC) link featuring voltage-sourced converter (VSC) technology. The 2,000 megawatts (MW) electricity transmission system, consisting of two links between Pugalur in the state of Tamil Nadu and Thrissur in Kerala, supports Power Grid Corporation of India Ltd. (PGCIL) to counter power deficit in India’s southern region and improve the grid stability.